Some Countries Will Receive Tax Concessions For Their Reserve Commodities.

In August 5th, we learned from the Bazhou finance bureau that the Ministry of Finance and the State Administration of Taxation recently announced some commodity reserve policy business (hereinafter referred to as commodity reserve business) tax policy.

From January 1, 2019 to December 31, 2021, the stamp duty on the capital account books of the commodity reserve management company and its directly affiliated warehouse was exempted from stamp duty on the purchase and sale contract of the bookstore in the course of commodity reserve business, and the stamp duty paid by other parties to the contract should be collected. The real estate and land that the commodity reserve management company and its directly owned warehouse bear the commodity reserve business shall be exempted from property tax and urban land use tax. After January 1, 2019, tax-free payments have been paid, or deducted from the corresponding taxes payable by the enterprises.

Commodity reserve management companies and their directly affiliated banks refer to the commodity reserve enterprises entrusted with the 5 kinds of commodities, including grain (including soybean), edible oil, cotton, sugar and meat, entrusted by relevant departments of the government at or above the county level. The reserve management company directly under the central government's relevant departments entrusted the commodity reserve business and its directly affiliated warehouse, including China reserve grain management group Co., Ltd. and its branches, directly affiliated libraries, and China Merchants reserve commodity management center limited, and its national reserve sugar bank and state reserve meat bank. To undertake the reserve management companies and their subordinate libraries entrusted by the relevant departments of the local governments for the commodity reserve business, the finance and taxation departments of the provinces, autonomous regions and municipalities directly under the central government shall, together with the relevant departments, make clear or formulate specific management measures, and submit them to the people's governments of provinces, autonomous regions and municipalities directly under the central government for approval.